Choosing a Refinancing Option
The huge number of refinance options available is truly breathtaking. We can guide you to locate the loan program that can fit your financial situation the best. Contact us at 754-202-4376 to begin the process. In order to review your choices, you can list what you want to achieve with your refinance.
Making Your Payments Lower
Are you refinancing primarily to lower your rate and monthly payments? If so, getting a low, fixed-rate loan could be a wise option for you. Perhaps you are now in a loan with a high, fixed interest rate, or a mortgage with which the rate of interest varies - an adjustable rate mortgage (ARM). Even when interest rates rise, a fixed-rate mortgage loan will remain at the same, low interest rate, unlike an ARM. If you aren't planning on moving in the near future (about 5 years), a fixed-rate mortgage can especially be a great loan option. However, an ARM with a initial low payment may be a smarter way to lower your payments if you plan on moving in the next few years.
Getting Out some Cash
Is "cashing out" your primary purpose for refinancing? Your house needs new carpet; your daughter has gone to college and needs tuition; or you have a special family vacation planned. Then you'll want to get a loan above the balance remaining of your existing mortgage loan.So you will need If you've had your current mortgage loan for a long time and/or have a high interest mortgage, you may be able to do this without increasing your mortgage payment.
Do you want to pull out a portion of your equity to consolidate additional debt? Great idea! If you have enough home equity, paying toward other debt with higher interest that your home loan (credit cards or home equity loans, for example) may help save you a chunk of cash every month.
Building up Equity Faster
Are you hoping to fatten up your equity faster, and pay off your mortgage loan more quickly? In that case, you want to look into refinancing to a short term mortgage - such as a fifteen-year loan. Although your mortgage payment amount will usually be increased, you will be paying less interest; so your home equity will rise up faster. But, you might be able to make the change without a bigger monthly payment if your long term mortgage was closed a while ago, and the balance remaining is small. You could even make it lower! To help you understand your options and the multiple benefits of refinancing, please call us at 754-202-4376. We are here for you.
Curious about refinancing your home? Give us a call: 754-202-4376.